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CBSE Class 12 Economics Board Exam 2018: Most important topics

Jan 30, 2018 13:17 IST
    CBSE Class 12 Economics Board Exam 2018: Most Important Topics
    CBSE Class 12 Economics Board Exam 2018: Most Important Topics

    Learn about most important topics from which questions are expected in CBSE Class 12 Economics board exam 2018. This paper is scheduled to be held on 26 March 2018 (as per CBSE Class 12 Date Sheet).

    CBSE board exams 2018 will start from 5 March 2018. It means very less time is left for the preparation. During this time, selective study plays a very important role in the final preparation.

    Considering the importance of selective study, here, we have pointed out some important topics from the complete CBSE 12th Economics Syllabus. There is a huge probability that questions based on these concepts will be asked in Economics board exam 2018.

    Students preparing for this exam are also advised to go through latest CBSE Class 12 Economics Sample Paper. This paper is recently issued by CBSE. With this Sample Paper, students can easily understand latest blueprint and examination pattern of CBSE Class 12 Economics board exam 2018.

    Unit 1: Introduction       

    Meaning of Microeconomics & Macroeconomics

    Positive and normative economics

    Central problems of an economy (what, how and for whom to produce)

    CBSE Class 12 Economics Sample Paper: 2018

    Unit 2: Consumer’s Equilibrium and Demand

    Consumer's equilibrium  

    Meaning of utility

    Marginal utility

    Law of diminishing marginal utility

    Conditions of consumer's equilibrium using marginal utility analysis

    Indifference curve analysis of consumer's equilibrium

    The consumer's budget (budget set and budget line),

    Preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium

    Market demand

    Determinants of demand

    Demand schedule

    Demand curve and its slope

    Movement along and shifts in the demand curve

    Price elasticity of demand – factors affecting price elasticity of demand

    Measurement of price elasticity of demand – (percentage-change method)

    Unit 3: Producer Behaviour and Supply

    Meaning of Production Function  – (Short-Run and Long-Run)

    Total Product, Average Product and Marginal Product

    Returns to a Factor

    Cost:

    Short run costs

    Total cost

    Total fixed cost

    Total variable cost

    Average cost

    Average fixed cost

    Average variable cost and marginal cost-meaning and their relationships.

    Total revenue, average revenue and marginal revenue – (meaning and their relationship)

    Producer's equilibrium (meaning and its conditions in terms of marginal revenue)

    Marginal cost Supply

    Market supply

    Determinants of supply

    Supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply

    Measurement of price elasticity of supply – (percentage-change method)

    Unit 4: Forms of Market and Price Determination under Perfect Competition with simple applications

    Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply

    Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features

    Simple Applications of Demand and Supply: Price ceiling, price floor

    Unit 5: National Income and related aggregates

    Basic concepts related to consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation

    Circular flow of income (two sector model)

    Methods of calculating National Income

    Value Added or Product method, Expenditure method, Income method

    Aggregates related to National Income:

    Gross National Product (GNP), Net National Product (NNP), Gross and Net Domestic Product (GDP and NDP) - at market price, at factor cost, Real and Nominal GDP

    GDP and Welfare

    Unit 6: Money and Banking

    Money - meaning and supply of money - Currency held by the public and net demand deposits held by commercial banks

    Money creation by the commercial banking system

    Central bank and its functions (example of the Reserve Bank of India):

    Bank of issue, Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, SLR, CRR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement

    Unit 7: Determination of Income and Employment

    Aggregate demand and its components

    Propensity to consume and propensity to save (average and marginal)

    Short-run equilibrium output

    Investment multiplier and its mechanism

    Meaning of full employment and involuntary unemployment

    Problems of excess demand and deficient demand; measures to correct them - changes in government spending, taxes and money supply

    Unit 8: Government Budget and the Economy

    Government budget (meaning, objectives and components)

    Classification of receipts –

    Revenue receipts and capital receipts

    Classification of expenditure (revenue expenditure and capital expenditure)

    Measures of government deficit (revenue deficit, fiscal deficit, primary deficit their meaning)

    Unit 9: Balance of Payments

    Balance of payments account – (meaning and components)

    Balance of payments deficit

    Foreign exchange rate  (meaning of fixed and flexible rates & managed floating)

    Determination of exchange rate in a free market

    These are some important topics from which questions are expected in Class 12 Economics board exam 2018. While preparing for Economics board exams, students should give priority to the topics given above.

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